We’ve all come across those bandit signs and Ad’s stating “We Buy Houses,” but are those companies really legit or reliable? You may have even received a letter from someone stating that they want to buy your house for cash, close fast, and pay all closing costs.
It seems as if “We Buy Houses” and “I Buy Houses” companies are popping up everywhere nowadays. Except now we have the added twist of “So and So Buys Houses” (insert any name you’d like). But back to the real question at hand, do these companies really do all that they advertise? Will they really buy your house “As Is”, close quickly, and allow you to walk away with cash in hand? Well the answer is yes, they do.
Why do people sell to these companies?
“We Buy Houses” is a well-known term that serves to represent companies that offer multiple solutions to those who may want to sell their home in a non-traditional way. People that sell their house to investment companies are looking for a way to sell without the hassle and fees. People sell their property to “We Buy Houses” companies because they are facing foreclosure, unexpected medical bills, relocating, downsizing, the house needs repairs, or they simply want a fast sell.
If you sell your house to this type of company or individual you can expect to receive a percentage of market value for your home. The percentage that they pay typically varies across market and region and includes the cost of repairs. Many people often assume that their house is worth what it is appraised at, however, that is not always the case. Sometimes the house is worth more than it is appraised for or less.
How does this all help me?
They key benefit of selling your house fast for cash is the convenience of saving time and money. You might be wondering, “How am I saving money by taking less than what my house is worth?” What many people fail to consider is the time and money spent doing repairs on their house before listing it. In addition to that, when listing your home on the market, homeowners can expect to pay up to 7% of the sales price in realtor commissions and closing costs. Don’t forget the lenders also have their lending guidelines that they require before they will loan on the property.
It is important to know when you contact these “We Buy Houses” companies that you ask what your options are. This way you have all the information needed to determine if the non-traditional route is right for your situation.